Question
Lewis Companys standard labor cost of producing one unit of Product DD is3.9hours at the rate of $13.0per hour. During August,42,000hours of labor are incurred
Lewis Companys standard labor cost of producing one unit of Product DD is3.9hours at the rate of $13.0per hour. During August,42,000hours of labor are incurred at a cost of $13.20per hour to produce10,600units of Product DD.
Compute the labor price and quantity variances, assuming the standard is4.2hours of direct labor at $13.40per hour.
Labor price variance ________________ Favorable, Unfavorable, Neither favorable or unfavorable
Labor quantity variance ________________ Favorable, Unfavorable, Neither favorable or unfavorable
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